Sovereign Banks to be rebranded Santander

Steve’s breakdown: After cross referencing all my paid resources and agency websites, there is no consensus to whom will be handling this rebranding effort. There’s not a lot of time but if you have a the juice, get in there.

BOSTON, MA: Four years after buying Sovereign Bank, Spain’s Santander Group will rebrand its U.S. subsidiary under the Santander moniker, effective Oct. 17.

“Under the Santander name, we will marry the local insights and relationships of a committed, community-focused bank with the breadth and expertise of a major global financial institution,” said Carlos Garcia, chief corporate affairs and communications officer at Sovereign Bank and Santander Holdings USA, in a statement.

Sources familiar with the bank indicated over a year ago that Santander officials decided to make the name change. Citing unnamed sources, the rebranding plans were originally reported in 2011 by the Boston Globe.

In addition to the name change, Santander announced several enhancements that will be rolled out between now and Oct. 17 as part of a multi-year initiative to improve the retail experience. They include: refurbished branches, enhanced ATMs, a new website, new financial products and a “substantial” national and local advertising campaign to familiarize clients with the Santander brand.

Sovereign is also the official bank of the Philadelphia Eagles and has the naming rights to the Sovereign Center Arena and Sovereign Performing Arts Center in Reading. A spokeswoman said all of the sponsorships will be rebranded as Santander.

Sovereign used to be based in Wyomissing, Pa. but has since relocated to Boston. Since Santander completed the acquisition, Sovereign has seen significant declines in local market share (down to 2.98 percent in 2012 FDIC data from 6.5 percent), deposits ($3.8 billion from $8.3 billion) and branches (72 from 81). The bank used to be ranked fifth but now is seventh in local deposit marketshare.

Source:

Access Confidential Link: Santander Holdings USA, Inc.

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